Here are thirteen big mistakes that could cost you big money when selling your Birmingham home
1. Refusing to Make Necessary Repairs. There is a major difference in sales price when selling your home "as is" and in good to excellent shape. Sometimes it costs you more money to sell 'as is' than to make repairs that will increase the value of your home. A neutral colored freshly painted Birmingham home always sell quicker. Sure a beautiful decorated home with vibrant colors will sell, but a neutral painted home is always ready to move in. Metro Detroit home buyers do not have to do anything. Even minor improvements will often yield as much as three to five times the repair cost at the time of sale. Your Oakland County real estate agent will be able to point out what repairs will significantly increase the value of your home. You may not believe it, but seemingly small fix up jobs such as repairing door knobs, small drywall damage can have quite an impact. Ask me for suggestions of what to repair.
2. Not Considering Seller's Concessions. Sometimes a home buyer needs sellers concessions in order to do repairs or updates that they feel are needed on your Birmingham home. In Birmingham it is not likely that the buyer does not have money to complete the purchase to buy your home. Sometimes it is about the buyer having the cash to be able to do updating after they buy your home. So it is wiser to give the buyer the concessions they ask for and counter on offer price.
3. Allowing contingencies without time constraints. Everything in your purchase agreement should have a time constraint. Mortgage deadlines, inspection timeliness, closing dates all should be set. Sure take the offer with the buyer having to sell the house, but in the counteroffer that you have the right to continue marketing and showing the house. If you get another offer then the first potential home buyer must either have to remove the contingency or release the purchase agreement.
4. Not having your piece of Birmingham real estate ready to show at any time. Let people in when ever they call. I have sold houses when an agent was out front with potential buyer, and wanted to see the house right then. I got yelled at by my seller, but he was much happier when he got that purchase agreement the next day. Every time you turn away a buyer you have turned away a possible sale on your Birmingham home. Yes, buyers and agent call for home showings that are inconvenient. Yes, it is not easy to keep the house clean and ready for showings. But those are items that help you home sell faster. It is imperative that you have a lock box on the house for easy showings. The more accessible your home is, the better the odds of finding a person willing to pay your asking price. You never know if the one that couldn't get in was the one that would have bought the house. Show, show, show at all times.
5. Allowing a Metro Detroit home buyer to extend the closing time when their financing falls through without know why or what the problem is. Sure you should extend the closing date. but it helps to have a real estate agent such as myself that understands the mortgage industry well. Is it possible to close this deal or not? We can not allows predict if they will be able to close it. But knowing the issues upfront (if they tell you) helps calm everybody down. Also if the buyer still thinks he is getting the loan, put in the addendum that the deposit is non refundable and remove the mortgage clause in the purchase agreement.
6. Not pricing your Birmingham home right in the beginning. If you price your house too high buyers will look, but buy a home with more amenities and a better price. They will think you are crazy for asking $20,000 more than a similar one. Pay attention to the market analysis (CMA) that your agent gave you. Look at the current homes on the market. Ask your agent for updates on what has sold in the area and what is for sale. Listen to your agent and then price it right.. The longer your house sits the more likely you will get a lower offer and be on the market longer than the average house.
7. Not Advertising in the right place. Do open houses work? Not really any more. The key is to put it on as many internet sites as possible, put it on the MLS. Put up a sign out front. Have your agent send out just listed cards to all your neighbors. Have your agent try everything possible, including Craig's list ads. Print classified ads and home magazines no longer work the way they used to. The more exposure your Birmingham home gets on the internet, the more likely it is to sell. Make sure there are fliers out front of your house all the time
8. Listing your Oakland County home at the wrong time Birmingham real estate always sells, but it sells better in the spring and summer. It takes the right buyer to come through your house. There are just more metro Detroit home buyers in the spring and summer. Do you know which buyer is going to buy your house? Your agent does not know either or when. You house has to be on the market to sell.
9. Refusing to Make Simple Cosmetic Changes First impressions are so, so important. Clean up a room, box excess stuff, and unclutter the rooms. These are steps that usually cost the least. but kill so many home sales because they are not done. Edge the lawn, cut the lawn, weed, remove stains, pick up the toys, straighten the house. Get rid of the smells, put in deodorizers. Make it look like a model home. Your home will sell quicker and for more money.
10. Wasting Time With An Unqualified home buyer. I will not accept an offer if the buyer's agent does not send a pre-approval letter. .
11. Don't Test The Market Never put your Birmingham home on the market line to sell unless you are serious. Why waste everybody's time. My time is important I would rather spend time with my family, or be on the lake than trying to sell a home that the seller has no interest in selling. The right professional will find you buyers and if you are harboring indecision... you will blow the sale.
12. Believing Your Birmingham home is not going to sell. Positive attitude helps. Help your real estate agent. Put it out to your friends, family, and co-workers that your are selling your house. Put it on Facebook, post a flyer on the work bulletin board. Many homes are sold this way.
13. Believing All Metro Detroit Real Estate agents are the Same - I work hard every day to reach potential buyers and sellers. You found me on the internet and so do many buyers. We sell 50 to 70 homes each year. I believe I am different than the average agent. I am in the top 2% of Michigan real estate agents because I work hard to sell your home and aggressively market it. Work with a real estate agent that has expertise. Whether it is me or somebody else go with somebody that has the goal of getting you the most money possible. I have sold hundreds of homes over the years. I can help you with the little details, provide you with the information that you need to make a good decision. Feel free to call me at (248) 310-6239 to find out what your home is worth or email me for a competitive market analysis at yesmyrealtor@gmail.com
